I have received 1.5 crores as my retirement corups after deducting tax now I want to give RS 1 crore to my wife.
I have to make giftdeed for this amount in her name or I can directly issued a cheque in her name and deposit to her account.
From this amount she wants to give gifts of RS 45 LACS to her sister and brother she can give this amount and this amount is taxable in the hand of her sister and brother
sir, please guide me
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GIFT TO WIFE
Replies (6)
1. Better to make Gift deed with cheque transfer....... along with gift acceptance by receiver.
2. Any income received from the gifted amount to your wife will be clubbed in your hands.
3. Gift received by brother & sister (of your wife) will be tax-free in their hands u/s. 56(2)(vii) of I T act.
4. You may think of directly gifting such amount to your in-laws, that will also be non-taxable.
Thank you very much sir
Most Welcome.... Dear..
give me address of your office or email ID
Respected Expert..
Is Gift Deed mandatory in Gifting of Equity Shares held in Demat Account?
Is Gift received from my Own sister's Daughter is taxable?
Thanks in Advance
1. Yes, if non-relative. But in case he/she is relative, just confirmation letter/ affidavit is sufficient in the said gift.
2. Yes taxable if aggregate amount is Rs. 50,000/- or more. As per IT act she is not directly related to you. Rather she can gift it to her mother, and in tern your sister can gift you without any tax liabilities.
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